How Millennials Should Manage Their 401(k) During the Bear Market
It can be scary to watch your 401(k) balance decline during a bear market. Most millennials still have 20 or more years until they reach retirement age, which is plenty of time for balances to recover. Nevertheless, the decisions millennials make now are likely to have a long-term impact on their retirement finances.
The important thing for millennials and other age groups is to avoid the panic that will often lead to bad financial decisions. Here's how millennials should manage a 401(k) during a stock market downturn:
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
